Ormat Technologies (NYSE:ORA) Price Target Raised to $90.00

Ormat Technologies (NYSE:ORA - Free Report) had its target price lifted by Barclays from $86.00 to $90.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the energy company's stock.

Several other equities analysts also recently commented on ORA. Baird R W upgraded shares of Ormat Technologies to a "hold" rating in a report on Thursday, March 13th. Jefferies Financial Group upped their price target on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, March 25th. Wall Street Zen upgraded shares of Ormat Technologies from a "sell" rating to a "hold" rating in a report on Monday, April 7th. Finally, Robert W. Baird began coverage on shares of Ormat Technologies in a research note on Thursday, March 13th. They issued a "neutral" rating and a $81.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $84.71.

Ormat Technologies Trading Down 0.8%

NYSE:ORA traded down $0.73 during mid-day trading on Thursday, hitting $87.82. 528,168 shares of the stock traded hands, compared to its average volume of 488,132. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 4.23 and a beta of 0.64. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $88.60. The firm's 50 day moving average is $78.86 and its two-hundred day moving average is $72.15. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.58 by $0.10. The company had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. On average, equities research analysts predict that Ormat Technologies will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 0.55%. Ormat Technologies's dividend payout ratio is currently 23.30%.

Insiders Place Their Bets

In other news, Director David Granot sold 950 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total value of $69,445.00. Following the completion of the sale, the director owned 2,713 shares of the company's stock, valued at approximately $198,320.30. This represents a 25.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Byron G. Wong sold 460 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $84.04, for a total transaction of $38,658.40. Following the completion of the sale, the director directly owned 8,659 shares of the company's stock, valued at $727,702.36. The trade was a 5.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Ormat Technologies by 6.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company's stock worth $41,914,000 after buying an additional 39,689 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Ormat Technologies by 1.8% in the fourth quarter. Victory Capital Management Inc. now owns 18,896 shares of the energy company's stock worth $1,280,000 after buying an additional 336 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Ormat Technologies in the fourth quarter worth $766,000. Raymond James Financial Inc. purchased a new position in shares of Ormat Technologies in the fourth quarter worth $204,000. Finally, AlphaQuest LLC raised its holdings in shares of Ormat Technologies by 4,691.7% in the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company's stock worth $39,000 after buying an additional 563 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.